Last week, the stock price of EKSO BIONICS HLDGS COM USD0.001 (OTCMKTS:EKSO) dropped below $0.96 and then recouped the losses to close the week at $1. Earlier in the month, the company reported that it has obtained nod from the U.S. FDA to commercialize its Ekso GT robotic exoskeleton for application in the treatment of patients with hemiplegia due to stroke, patients with spinal cord injuries (levels T4 to L5), and patients with spinal cord injuries(levels of T3 to C7), as per device’s labeling.
Ekso GT is the first ever exoskeleton approved by the FDA for application with stroke patients. The wearable robotic exoskeleton enables patients to stand up and walk on the ground. This unique product with smart Variable Assist* software was advanced for rehabilitation institutions.
It allows adaptive quantities of power to the patients’ body, engaging the individuals throughout their continuum of care. The exoskeleton technology gives the ability to mobilize individuals early in their recovery, recurrently, with a noteworthy count of high intensity steps. So far, Ekso has helped individuals take over 41 million steps in more than 115 rehabilitation institutions across the world.
The management speaks
Thomas Looby, the President and interim CEO of Ekso, said that this approval marks an important milestone towards the objective of instituting exoskeletons as most used standard of care in the world class rehabilitation clinics. The company’s strategy has been to focus on the rehabilitation clinics, with a prime focus on ease of application, quick turnover between sessions, and efficiency for a range of individuals.
Clinics deploying the Ekso GT are in a position to offer exoskeleton therapy to the broad patient population across all exoskeletons available in the market, which Ekso management believe will turn into broader acceptance of exoskeletons by rehabilitation clinics and hospitals and better results for patients.